Sudhir Mehta, founder and chairman of Pinnacle Industries, announced on social media platform X on Tuesday that after months of analyzing proposals from Indian founders, he has become 'more optimistic about India's future than at any other time.'
As a member of the Technology Development Board (TDB) under the Research, Development, and Innovation (RDI) Fund worth 1 lakh crore, Mehta noted that the first batch includes 22 projects requiring ₹4,744 crore for R&D and ₹2,192 crore in funding from the RDI Fund.
The RDI scheme was approved by the Union Cabinet in July 2025 and launched in November. Its goal is to stimulate private sector participation in research and development and support the creation and commercialization of indigenous technologies. The program is designed for six years and focuses on research-based innovations and deep technologies, especially in strategic sectors.
The operationalization of the scheme is carried out through a Special Purpose Fund under the National Research Foundation (ANRF), into which funds are channeled via Second Level Fund Managers (SLFM). TDB and the Biotechnology Industry Research Assistance Council (BIRAC) are appointed as SLFMs, while the Department of Science and Technology (DST) acts as the coordinating ministry for this scheme.
Mehta specified that 14 of the 22 projects in the first cohort are startups, and 13 belong to deep technology areas, including reusable rocket engines, Earth observation satellites, quantum-safe communication, design of Indian chips, drones, robotics, and next-generation batteries.
It was noted that the selected projects are distributed across cities such as Bengaluru, Chennai, Hyderabad, Mumbai, Thane, Noida, and Pune.
Mehta emphasized that India's problem has never been ideas, but 'patient capital.' He added that the RDI Fund provides financing at an interest rate of 3–4% for up to 15 years, without requiring collateral or personal guarantees.
He also mentioned that the country currently spends 0.64% of its GDP on R&D, with the private industry covering only about 36% of this amount. The RDI Fund is changing this situation: 3–4% annually, up to 15 years, no collateral, and no personal guarantees. Evaluation takes 8 weeks, and fund disbursement takes 12. Furthermore, every rupee comes with two conditions: intellectual property remains in India, and control is maintained by Indian citizens.
Concluding his comments, Mehta stated that after meeting with these founders, he is confident: 'India's best deep technology companies are being built right now. The capital is ready. The founders are ready. This decade belongs to Indian deep technologies.'